Friday, March 26, 2010

Forex Day Trading Room

EUR/USD Our caution is once again to take heed of the price action. The market did turn on the third rise but it still had another rise as well. This time to 1.3390 +. We missed the last rise as we were still waiting for the eventual turn down. As we write we have retreated from this past high by approx 15/20 pips. The 3 /5 on the 15 min is still riding upside bias but it look like it is weakening. Once we have a confirmation on all three time frames we will look to sell into the turn. Caution needs to be observed here as our major EMA indicators are still pointing up. If they give way then there will be a good opportunity to short the market. FXDMG

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